CITY CEMENT COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE THIRD QUARTER OF THE YEAR 2012 FOR THE PERIOD ENDED 30/09/2012 (NINE MONTHS)
1. The net profit for the third quarter reached SR 39.03 million compared to SR 38.18 million for the same quarter of previous year, an increase of 2.23%, against a net profit of SR 76.98 million for the second quarter of 2012, representing a decrease of 49.3%.
2. The gross profit during the third quarter was SR 57.55 million compared to SR 42.08 million for the corresponding quarter last year, an increase of 36.76%.
3. The operating profit during the second quarter was SR 54.39 million compared to SR 40.20 million for the corresponding quarter last year, an increase of 35.30%.
4. The net profit during the nine months was SR 199.45 million against SR 152.58 million for the corresponding period last year, an increase of 30.72%.
5. The earning per share (EPS) for the nine months amounted to SR 2.02 against SR 1.73 for the same period of the previous year.
6. The gross profit during the nine months was SR 227.71 million against SR 163.52 million for the corresponding period last year, an increase of 39.26 %.
7. The operating profit during the nine months was SR 217.54 million against SR 157.05 million for the corresponding period last year, an increase of 38.52%.
8. The reason for the rise in net profit over the same period last year is due to increase in sales volume, while the main reason for the decline in net profit of the third quarter compared to the previous second quarter is due to the decrease in sales volume as a consequence of the advent of the holy month of Ramadan and Eid Al-fitr, in addition to IPO expenses charged to the third quarter.
9. earnings per share was calculated for the three months and nine months ended on September 30, 2012 and 2011 by dividing income from operations and net income for each period by the average number of shares during the periods, which amounted to nine months ended September 30, 2012 98,701,830 share, and for the three months ended September 30, 2012 108,995,651 shares (on 30 September 2011 the number of shares equal 88 million shares)
10. Comparative figures for the period ended 30/09/2011 have been reclassified to conform to the current period ended 30/09/2012 presentation.
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